Goodbye Wall Street, Hello Silicon Valley: Morgan Stanley CFO Ruth Porat Moving To Google
Porat serves as Chief Financial Officer at Morgan Stanley and has been with the Wall Street bank since 1987. She assumed various roles at the company including Vice Chairman of Investment Banking, Global Head of the Financial Institutions Group and and co-Head of Technology Investment Banking.
Some have described Porat as the "most powerful woman in finance."
Porat has been a lead banker on numerous technology financing rounds, including Amazon.com, eBay, Priceline Group and several others. She has a B.A. from Stanford University in Economics & International Relations, a M.B.A. with distinction from the Wharton School of Business and a M. Sc. From the London School of economics.
Porat will assume her new position at Google on May 26 and will report directly to the company's CEO and co-Founder, Larry Page. She will replace Patrick Pichette who announced his retirement last week after seven years as CFO to spend more time with his family.
"We're tremendously fortunate to have found such a creative, experienced and operationally strong executive," said Larry Page. "I look forward to learning from Ruth as we continue to innovate in our core--from search and ads, to Android, Chrome and YouTube--as well as invest in a thoughtful, disciplined way in our next generation of big bets. Finally, huge thanks to Patrick Pichette for his seven super successful years as CFO".
Shares of Google were trading higher by more than 2 percent Tuesday morning following the announcement.
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